Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES    
Net income $ 3,030 $ 2,786
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 95 112
Gain on change in fair value of derivatives (97) (5)
Share-based compensation 168 117
Deferred income taxes (145)
Changes in operating assets and liabilities:    
Restricted cash (79) (513)
Deferred course expenses (598) (281)
Prepaid expenses and other receivable (1,248) (1,313)
Inventory 36 53
Other assets (35) (4)
Accounts payable-trade (200) 1,456
Royalties payable 129 88
Accrued course expenses 1,041 509
Accrued salaries, wages and benefits 114 (180)
Other accrued expenses 719 (1,442)
Deferred revenue 1,813 (3,389)
Net cash provided by (used in) operating activities 4,743 (2,006)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchases of property and equipment (114) (40)
Net cash used in investing activities (114) (40)
CASH FLOWS FROM FINANCING ACTIVITIES    
Principal payments on debt (8) (7)
Net cash used in financing activities (8) (7)
Effect of exchange rate differences on cash (1,133) 841
Net increase (decrease) in cash and cash equivalents 3,488 (1,212)
Cash and cash equivalents, beginning of period 1,711 4,881
Cash and cash equivalents, end of period 5,199 3,669
Supplemental disclosures:    
Cash paid during the period for interest 7 6
Cash paid during the period for income taxes, net of refunds received $ 30 $ 32